Mr. Dev Shetty reports
FURA PROVIDES UPDATE ON RUBY TRANSACTION IN MOZAMBIQUE
Fura Gems Inc. has extended the drop-dead date for the closing of the merger of ruby assets agreement dated July 14, 2018, as amended. In accordance with the MRAA, on Oct. 29, 2019, the company gave New Energy Minerals Ltd. (formerly known as Mustang Resources Ltd.) written notice to extend the drop-dead date of the MRAA from Oct. 31, 2019, to Nov. 30, 2019.
The MRAA contemplates the purchase and sale by Fura of interests in three ruby licences/concessions in Mozambique as follows: (i) 75 per cent of the issued shares of Montepuez Minerals Pty Ltd., which owns a 70-per-cent interest in mining licence 5030L and an 80-per-cent interest in mining concession 8921C; and (ii) a right to earn a 65-per-cent interest in mining concession 8955C under a joint venture agreement. Please see the company's press release dated Nov. 29, 2018, for further details regarding the terms of this proposed acquisition. The transaction remains subject to the approval of the TSX Venture Exchange.
About Fura Gems Inc.
Fura Gems is a gemstone mining and marketing company, which is engaged in the mining, exploration and acquisition of gemstone licences. Fura's headquarters are located in Toronto, Canada, and its administrative headquarters are located in the Gold Tower, Dubai.
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